Pound, dollar firm in Europe
(N.Z P.A.Reuter—Copyright) LONDON. Sterling and the dollar have made a sharp recovery on European foreign exchange markets. The British pound’s depreciation from levels three years ago narrowed to 24.8 per cent compared with other key currencies. The pound reached a record devaluation of 25.2 per cent on Monday, but last night started to regain some of its lost ground after Britain’s April trade figures showed a smaller deficit than expected. Sterling closed at 5U52.3015 compared with $2.3110 overnight, a reflection of the dollar’s generally strong performance in Europe. The United States currency, boosted by the recovery by American forces of the American cargo vessel Mayaguez, advanced to 2.5120 Swiss francs, a shift of 2.1 per cent. In Frankfurt, the dollar gained more than a pfennig to close at 2.3625 West German marks.
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Bibliographic details
Press, Issue 33845, 17 May 1975, Page 18
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137Pound, dollar firm in Europe Press, Issue 33845, 17 May 1975, Page 18
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